Complete news archive
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ABS CDO manager replaced
Sector developments and company hires
Dock Street Capital Management has replaced Dynamic Credit Partners (as successor to Petra Capital Management, the original manager of the deal) as collateral manager for the Brookville CDO I transaction. Moody’s has confirmed that the move will not result in any adverse rating actions with respect to the notes issued by the transaction.
In other news…
EMEA
DLA Piper expands .......
Market Moves 15 July 2022
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Looking for labels
Second-party opinions gaining traction
A total of 17 securitisations with second-party opinion (SPO) labels have been issued in Europe since 2016. With ESG factors playing an increasingly important role in investment decisions, tiering could emerge between transactions based on whether they have an SPO or not.
“There appears to be a trend: if you are an arranger or issuer, you check if you can .......
News 15 July 2022
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Prepayments on the cards
FFELP loan cancellation widely anticipated
President Biden is widely expected to introduce a large-scale student loan forgiveness programme ahead of the US mid-term elections in November. One of two administrative mechanisms is likely to be adopted to implement the programme, each of which would have a significant impact on the over US$90bn FFELP student loan ABS market.
“US consumers are facing a slippery .......
News Analysis 14 July 2022
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SME guarantee inked
Sector developments and company hires
The EIB Group has provided RLB Steiermark with a guarantee for a €60m mezzanine tranche of a synthetic securitisation. The transaction is backed by the Investment Plan for Europe and is expected to provide capital relief under the CRR.
The capital relief will enhance RLB Steiermark's risk-taking capacity and create additional lending headroom, enabling it to create a new portfolio .......
Market Moves 14 July 2022
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Making hay
New equilibrium for Australian securitisation market
In contrast to Europe and the UK, the Australian securitisation market is continuing to see healthy issuance activity, despite the country dealing with the same inflation and rates pressures as the rest of the world. This Premium Content article investigates why it’s always sunny Down Under.
After an extraordinarily busy 2021 - with A$48.79bn publicly placed across 64 individual ......
News Analysis 14 July 2022Premium Content
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GSE NPL sales tallied
Sector developments and company hires
Fannie Mae and Freddie Mac sold 154,972 non-performing loans with a total unpaid principal balance (UPB) of US$28.7bn during the period from programme inception in 2014 through 31 December 2021, according to the FHFA. The loans had an average UPB of US$185,292, an average delinquency of 2.8 years and an average current mark-to-market LTV ratio of 86%.
Specifically, Fannie Mae has .......
Market Moves 13 July 2022
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Expiration concerns
Questions raised over the end of HAPS
The Greek HAPS programme is set to expire in October, having helped to considerably reduce the non-performing exposures of the country’s systemic banks. However, there is concern that its expiration may be premature, given the possibility of future asset deterioration on bank balance sheets.
“With the Russian invasion of Ukraine, high energy prices and possible energy bottlenecks, there is more .......
News Analysis 13 July 2022
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Call for proportionality in ABS framework
Sector developments and company hires
AFME ceo Adam Farkas has written to the European Commission, calling for better proportionality in the securitisation framework. The letter points out that despite its importance for the Capital Markets Union project, the European ABS market remains “subdued”, its size having shrunk from 75% that of the US securitisation market in 2008 to just 6% in 2020.
The letter highlights .......
Market Moves 12 July 2022
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Uncertainty prevails
Macroeconomic backdrop in focus
Thus far, 2022 has experienced some turbulent and choppy market conditions. Although poor performance has not yet affected the securitisation sector, the consensus – at least, in evidence during AFME and IMN’s Global ABS conference last month – is that uncertainty prevails and investor sentiment is predominantly focused on the macroeconomic backdrop.
During this period of market dislocation, .......
Talking Point 12 July 2022
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Aviva Investors appoints HSBC and Mount Street Group
Sector developments and company hires
HSBC and Mount Street have entered into a ten-year strategic agreement to service Aviva Investors’ £50bn Real Assets business. The firms’ appointment will see them assuming responsibility for all fund administration and debt servicing functions for Aviva Investors’ Real Assets strategies. HSBC and Mount Street were appointed following competitive process due to depth of offering, expertise across real assets credit .......
Market Moves 11 July 2022
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SCI Start the Week - 11 July
A review of SCI's latest content
Call for SCI CRT Awards 2022 submissions
News 11 July 2022
The submissions period has opened for the 2022 SCI CRT Awards – covering the global capital relief trades market and the US credit risk transfer market. Nominations should be received by 25 August. Winners will be announced at the London SCI Capital Relief Trades Seminar on 20 October.
Qualifying period: deals issued in the 12 months .......
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Arrow Global hires new leader for Finance Servicing Unit
Sector developments and company hires
Arrow Global has appointed Reza Atighi as new ceo to its Amersfoort-based Vesting Finance Servicing in the Netherlands. Atighi joins Vesting Finance from Intrum where he served most recently as ceo for the Netherlands and Belgium. Bringing more than 20 years of experience to the new role, the firm hopes Atighi will be able to boost the development of its .......
Market Moves 7 July 2022
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A&M move forward with new development
Sector developments and company hires
Alvarez & Marsal’s (A&M) inaugural efforts as sole arranger have secured a breakthrough for Polish bank, Getin Noble Bank (GNB). A&M financial services served as sole arranger for GNB’s first synthetic securitisation for risk transfer. The transaction compiles a portfolio of housing community loans and marks the first of its kind for the historically well performing but never-before-securitised asset class. .......
Market Moves 6 July 2022
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MBS falter
US MBS issuance set to tumble as refi rates collapse
There is increasing evidence that US mortgage refinancing is dropping fast, which, in turn, will reduce MBS issuance from the record-breaking volume of 2021.
According to data released by Black Knight today (July 6), in the 18-month period starting late 2020, the number of high quality refi candidates has dropped from an all-time high of 20m to the lowest seen since the .......
News 6 July 2022
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